Oil Prices Spike on Middle East Tensions and US-Iran Conflict

Oil prices rose on Thursday after US strikes on Iran and renewed Israeli threats against Tehran increased concerns about disruption to Middle East supplies.

Brent crude futures were up 15 cents, or 0.16%, at $95.78 a barrel by 1:00 p.m. ET (1700 GMT), while U.S. West Texas Intermediate crude futures rose 63 cents, or 0.69%, to $91.64.

The US strikes on Tuesday night killed 18 people and wounded 108 in Iran, according to the country's health minister. The Iranian Red Crescent reported four deaths and 67 injuries at a wedding ceremony near the Strait of Hormuz.

Saxo Bank analyst Ole Hansen said Israeli Defence Minister Israel Katz's comments helped push oil prices higher, as he warned that Israel would 'cripple' Iran's military and civilian infrastructure, including energy facilities, if Tehran launched attacks against it.